My senior son is considering applying for a private scholarship, which if awarded, he would have to provide the name of the school he plans to attend (no idea yet) to the grantor, who then likely would inform the school. We are assuming that his merit award (he has various offers with merit money already) would be reduced by that private award. Would the original merit money be reinstated sophomore year after the private scholarship amount was taken out of package? Eg. $10,000 merit aid renewable each year - $3,000 private = $7,000 merit first year. Would merit go back up to $10,000 per year? Thanks for any information!
Call the school and ask. Some will allow the extra merit to decrease any loans or the student contribution.
Schools will reduce need based aid…but some won’t reduce merit awards. Contact the college and ask them.
My daughters’ outside scholarships did not reduce their merit aid.
ALL outside scholarships have to be reported to the college, whether the outside organization requires you to name the school or not. If the outside scholarship doesn’t report the funds to the college, you are obligated to do so because total scholarships and FA can’t exceed the COA.